Category: Elder Law of Michigan

Elder Law of Michigan, Mid-America Pension Rights Project, Pension

(Mid-America Pension Rights Project): The (Partial) Death Of The Stretch IRA: How The SECURE Act Impacts Inherited Retirement Accounts

Via Kitces By Jeffrey Levine In December 2019, the retirement planning community was rocked when the Setting Up Every Community for Retirement Enhancement (SECURE) Act, which seemed destined to remain stuck in Washington gridlock indefinitely, was whisked back to life and attached to a year-end appropriations package that ‘had’ to be passed to keep the Federal government funded. Within a matter of days, the bill passed the … Continue reading (Mid-America Pension Rights Project): The (Partial) Death Of The Stretch IRA: How The SECURE Act Impacts Inherited Retirement Accounts

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Elder Law of Michigan, Mid-America Pension Rights Project, Pension

(Mid-America Pension Right Project): 5 Common Blind Spots on Social Security

Via ThinkAdvisor By Ginger Szala Social Security can be complicated, which is why an individual needs an advisor to walk them through salient points, and advisors need to be up to speed on the program. A majority of people don’t know the standard benefits they could be receiving, according to a SimplyWise survey that found less than one in eight Americans aged 60 to 70 … Continue reading (Mid-America Pension Right Project): 5 Common Blind Spots on Social Security

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Elder Law of Michigan, Mid-America Pension Rights Project, Pension

(Mid-America Pension Rights Project): Here’s a way to beat the tax burden for IRA heirs

Via CNBC By David Robinson New federal rules for individual retirement accounts greatly increase the tax burden for some heirs by telescoping the allowable period for withdrawals. Yet this pain can be greatly reduced by converting regular IRAs to Roth IRAs before bequeathing them. Previously, all heirs had their entire life expectancy to take withdrawals from inherited IRAs, so they were able to stretch out … Continue reading (Mid-America Pension Rights Project): Here’s a way to beat the tax burden for IRA heirs

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Elder Law of Michigan, Medicare/Medicaid, Social Security, Technology

Apply Online for Medicare

By Vonda Van Til, Social Security Public Affairs Specialist Did you know that you can apply online for Medicare, even if you are not ready to retire?  We can help you make an informed decision about when to apply for benefits based on your individual and family circumstances.  Applying online can take less than 10 minutes.  There are no forms to sign and usually no … Continue reading Apply Online for Medicare

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Elder Law of Michigan, Health

Hoarding Part 1: How Did We Get Here?

By Betsy Smith, Network Partner Manager at Elder Law of Michigan The cause of hoarding is not clear, but what we do know is that it is becoming more of a commonly discussed topic and is an emerging issue with the aging population. In fact, in 2013, hoarding was classified as a mental illness. According to the Mayo Clinic, hoarding is “a persistent difficulty discarding or parting … Continue reading Hoarding Part 1: How Did We Get Here?

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Elder Law of Michigan, Social Security

Get your Social Security Benefit Statement (SSA-1099 / SSA-1042S)

By Vonda Vantil, Social Security Public Affairs Specialist Tax season is approaching, and we have made replacing your annual Benefit Statement even easier.  The Benefit Statement, also known as the SSA-1099 or the SSA-1042S, is a tax form we mail each year in January to people who receive Social Security benefits.  It shows the total amount of benefits you received from us in the previous … Continue reading Get your Social Security Benefit Statement (SSA-1099 / SSA-1042S)

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Elder Law of Michigan, Mid-America Pension Rights Project, Pension, Retirement

(Mid-America Pension Rights Project): Raiding Your 401(K) Can Be a Divorce Disaster

Via Kiplinger By Stacy Francis Many divorcing spouses find themselves strapped for money to pay for mounting legal bills and the higher costs of supporting two households, rather than one. With bank accounts and brokerage accounts drained to zero, some look to tap their employer 401(k)s or IRAs for quick cash to cover these costs. Within a few days, you can have the balance of … Continue reading (Mid-America Pension Rights Project): Raiding Your 401(K) Can Be a Divorce Disaster

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Elder Law of Michigan, Health, senior independence, seniors

Winter Wellness for Beating the Blues

By Sheila Robison, MiCAFE Economic Security Team Member at Elder Law of Michigan The National Institute of Mental Health reports some people feel moody or even saddened during winter months. During the cold months of the year, folks are not able to get outdoors, open windows in their home for fresh air, or get proper sunlight and exercise. Winter months are long and with Daylight Savings Time, … Continue reading Winter Wellness for Beating the Blues

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Elder Law of Michigan, Tips

Sticking to Your New Year’s Resolutions

By Shanon Gallagher, Screening Integration Coordinator at Elder Law of Michigan We are a month into the New Year, have you kept up with your New Year’s resolution? The rule of thumb is that it takes three weeks to form a habit. When the New Year approaches, many individuals view it as an opportunity to start the year off healthier by vowing to eat better, lose weight, … Continue reading Sticking to Your New Year’s Resolutions

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Elder Law of Michigan, Mid-America Pension Rights Project

(Mid-America Pension Rights Project): Who owes all that student debt? And who’d benefit if it were forgiven?

Via Brookings By Adam Looney, David Wessel and Kadija Yilla Student debt is a big issue in the 2020 presidential campaign for an obvious reason: There’s a lot of it—about $1.5 trillion, up from $250 billion in 2004. Students loans are now the second largest slice of household debt after mortgages, bigger than credit card debt. About 42 million Americans (about one in every eight) have … Continue reading (Mid-America Pension Rights Project): Who owes all that student debt? And who’d benefit if it were forgiven?

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